INTERNATIONAL HIGHLIGHTS
USD/MAD fell for the 4th consecutive week by -1.08% to 10.56 this week, at a 3 month low.
This is due to a negative basket effect of -0.72% following the correction of the Dollar and a liquidity effect
of -0.36% in favor of the MAD.
For their part, liquidity spreads improved this week, going from 4.91% to 4.54%, a decline of -37 PBS.
The foreign exchange position shows a deficit of MAD -2.5 bn on a weekly average. Import flows are significant due to the impact of the increase in import prices and the increase in hedging transactions.
Uncertainties linked to the geopolitical context and to changes in international monetary policies are weighing
on the economic outlook. To this end, volatility sets up in on the MT.
We recommend that corporate importers reduce their hedging horizons on the MAD to benefit from the
correction of the USD.
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